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When you create a private network and connect two virtual machines to it, it works with the same principles as if you would connect two computers to a switch. (With nothing else) Setting static IP addresses in the same IP-range should be sufficient
to allow communictation between your two VM's.

You can let your VM's act as DC, DNS, DHCP or other server functionalities in the same way as you would in a physical network.

Basicly you don't need if you have a physical server but, if you have enough on yours Hyper-V server memory and HDD and network cards, why not install. Put on virtual servers same IP address scope and subnet.

Open Hyper-V manager from Administrative Tools

When open console in Action Pane from right side click on the
Virtual Network Manager

In the Virtual Network Manager definied and create New Virtual Network such External, Internal, Private

Click Add button and select type network (External, Internal, Private), after that select for all External Interface select one Network Card likes Intel or Broadcom network card, and write Name of new netowrk and notes for this interface
examle: TMG or AD

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